SmartHeat Inc. Announces Energy Savings Equipment Supply Contracts with Fluor
Corporation, a Fortune 500 Company
Tuesday January 6, 2009, 6:55 am EST
NEW YORK, Jan. 6 /PRNewswire-Asia/ -- SmartHeat Inc. (OTC Bulletin Board: SMHT.OB; http://www.smartheatinc.com/ ), a market leader in China's "green" technology, environmentally friendly energy savings industry, today announced that the Company has signed a new project cooperation agreement with Fluor (China) Engineering and Construction Co., Ltd, a subsidiary of Fluor Corporation, a Fortune 500 company and a world leader in project management.
SmartHeat received an additional order for high end All-Welded Plate Heat Exchange ("PHE") energy savings equipment from Fluor based on SmartHeat's proprietary energy savings technology. High end All-Welded PHE is a custom designed PHE product that is utilized in critical industrial and engineering processes.
SmartHeat anticipates additional product contracts from Fluor for both standard and custom high end All-Welded PHE products in 2009.
James Wang, Chief Executive Officer of SmartHeat, commented: "Fluor is a world renowned market leader in complex project management. Today's contract announcement with Fluor reflects continued recognition by global blue chip companies of SmartHeat's highly effective energy savings products. 2008 has been a highly successful year for SmartHeat with explosive earnings growth in a favorable market environment. We look forward to multiple developments with other global players as well."
About Fluor Corporation
According to Fluor's website, Fluor Corporation is a FORTUNE 500 company that is ranked No. 1 in FORTUNE magazine's "Engineering, Construction" category of America's largest corporations. Fluor Corporation is one of the world's largest publicly owned engineering, procurement, construction, maintenance (EPCM), and project management companies. Over the past century, Fluor has become a trusted global business leader by providing exceptional services and technical knowledge across every phase of a project. Fluor works with governments and multinational companies to design, build, and maintain many of the world's most complex and challenging capital projects. http://www.fluor.com/
About SmartHeat Inc.
SmartHeat Inc. is a US company with its primary operations in China. SmartHeat is a market leader in China's "green" technology heat energy saving industry. SmartHeat manufactures plate heat exchangers and compact plate heat exchanger units -- the technology that helps to capture and recycle waste heat thus reducing fossil fuel related costs and pollution. SmartHeat's products and technology have broad residential and industrial applications. China's heat transfer market is currently estimated at approximately $2.4 billion with double-digit annual growth according to China Heating Association. http://www.smartheatinc.com/
Safe Harbor Statement
All statements in this press release that are not historical are forward- looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. SmartHeat's actual results may differ from its projections. Further, preliminary results are subject to normal year-end adjustments. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect SmartHeat's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in SmartHeat's filings with the Securities and Exchange Commission